The N463.5 million profit recorded by CWG Plc was driven by 604.8% increase in Earnings Before Interest and Taxes (EBIT) for the period ended September 2020.
This is according to its latest financials sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.
Profit for the period increased to N463.5 million as of September 2020, from N22.6million recorded in the corresponding period last year, indicating an increase of 1,950.8% YoY.
Key highlights of the 9M 2020 result are;
- Revenue increased to N8.92 billion, up by +35.14% YoY.
- Gross Profit increased to N2.15 billion, up by +18.6% YoY.
- Pre-tax profit increased to N508.09 million, indicating a gain of +2,148.09% YoY.
- Profit after tax increased to N463.5 million, up by +1950.8% Y-o-Y.
- Cost of sales increased to N6.76 billion, indicating an increase of +41.41% YoY.
- Operating Expenses decreased to N1.47 billion, indicating a decrease of -5.9% YoY.
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased to N703.21 million, up by +124.02% YoY.
- Depreciation and Amortization decreased to N166.83 million, down by -29.9% YooY.
- Earnings Before Interest and Taxes increased to N563.4 million, up by +604.9% YoY
- Interest and finance charges declined to N28.29 million, down by -47.1% YoY.
The relatively improved performance recorded by the firm, especially as regards its profit is attributable to the firm’s ability to shore up revenue and manage expenses as evident in the decline of operating expenses, interest charges, among others. This resulted in a higher EBIT value and gross profit for the firm.